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SharkTeam: On-Chain Data Analysis of ZkSync Era

On May 31st, the total value locked (TVL) in the ZkSync Era ecosystem reached $350 million, accounting for 3.95% of the total TVL of all Layer 2 projects and ranking third. Although there is still a significant gap compared to Arbitrum and Optimism, ZkSync Era has only been launched for two months, and its TVL has been growing rapidly, making it worth paying attention to.

ZkSync is an Ethereum Layer 2 scaling solution introduced by Matter Labs to address Ethereum's scalability issues. Its 1.0 version (ZkSync Lite) was released in June 2020. While ZkSync Lite had low transaction costs, it suffered from slow speeds, long confirmation times, and lack of compatibility with the Ethereum Virtual Machine (EVM). ZkSync 2.0 (ZkSync Era) builds upon the 1.0 version by improving transaction speeds, significantly reducing costs, and providing full support for EVM-compatible smart contracts. This means developers can easily deploy existing Ethereum smart contracts to ZkSync Era.

ZkSync Era utilizes zero-knowledge proofs and a Rollup architecture, offering faster and cheaper transaction experiences compared to the Ethereum mainnet. By moving most activities off the Layer 1 network, it reduces network congestion and lowers transaction fees while maintaining Ethereum's security and finality.

Currently, the user experience of ZkSync Era is somewhat unsatisfactory. Common complaints include high gas fees, transaction failures, and unstable slippage. The ZkSync Era ecosystem primarily focuses on DEX interactions, with relatively fewer projects in derivatives and lending. To better understand the performance of ZkSync Era, below is an on-chain data analysis of ZkSync Era.

1. TVL

On March 24th, ZkSync Era mainnet was opened to the public. Within 20 days, by April 14th, the TVL reached $241 million, with an average daily increase of $10 million. On April 15th, the TVL decreased by $1.52 million compared to the previous day, entering a period of oscillation. After May 17th, the TVL started gradually climbing again. By May 31st, the TVL of ZkSync Era reached $361 million.

2. Deposit Addresses

On June 2nd, the total number of deposit addresses in ZkSync Era was 723,000. Among them, the addresses that have interacted with both Arbitrum and Optimism amounted to 309,471, accounting for 42.8% of the total. The addresses that have not interacted with either Arbitrum or Optimism amounted to 24,219, accounting for 3.35%. On March 25th, the number of deposit addresses reached a peak with 41,341 addresses, indicating high activity in deposits at the end of March. In terms of daily deposit addresses, the ratio of new addresses to existing ones was 4:1. Most addresses only conducted a single transaction, and there were relatively fewer addresses with repeated transactions.

3. Cross-chain Transactions

The official bridge of ZkSync Era supports the transfer of assets from the Ethereum mainnet to ZkSync Era and allows for the conversion of any ERC-20 tokens. On May 31st, the daily cross-chain bridge transfer of ETH reached a peak with 10,576.76 ETH. As of June 1st, the total number of ETH crossed over to ZkSync Era exceeded 300,000, with an average of 0.42 ETH per address.

4. Whale Addresses

The following chart displays the Top 20 whale addresses in the cross-chain bridge. Address 0x2c...8299 ranked first by transferring 9,523.7 ETH through the cross-chain bridge. Address 0x66...9de0 ranked second with a transfer of 5,500 ETH. When categorizing the addresses based on the transferred ETH amounts, it can be observed that addresses with less than 0.1 ETH amount to 443,944, accounting for 62% of the total addresses, which is the largest proportion. Addresses with 0.1-1 ETH amount to 222,868, accounting for 31% and ranking second. There are 2,196 addresses with over 10 ETH, which is less than 1% of the total.

5. Asset Distribution

The number of addresses with deposit amounts ranging from $10 to $100 is 308,883, accounting for 43% of the total addresses, which is the largest proportion. The number of addresses with deposit amounts ranging from $10 to $1000 is 583,212, accounting for 81%. There are 450 addresses with deposit amounts exceeding $100,000, which accounts for 0.06% of the total.

About us

SharkTeam’s vision is to comprehensively protect the security of the Web3 world. The team is composed of experienced security professionals and senior researchers from all over the world. They are proficient in the underlying theory of blockchain and smart contracts, and provide services including smart contract auditing, on-chain analysis, and emergency response. It has established long-term cooperative relationships with key players in various fields of the blockchain ecosystem, such as Polkadot, Moonbeam, polygon, OKC, Huobi Global, imToken, ChainIDE, etc.Official website: https://www.sharkteam.org/
Twitter: https://twitter.com/sharkteamorg
Discord: https://discord.gg/jGH9xXCjDZ
Telegram: https://t.me/sharkteamorg

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